Herb and ornamentals grower Neame Lea has undergone a management buyout led by chief executive David Ball that will help triple its capacity and diversify its portfolio.
The deal, which was backed by investment fund NorthEdge Capital, means Neame Lea is now owned by its family shareholders.
With a headquarters at Bridge Farm in Spalding, the company has benefited from growing alongside the expansion of garden ranges at its major supermarket customers.
Neame Lea has invested significantly in recent years in glasshouse infrastructure and biomass heating, and the new deal will continue this investment programme and develop its market proposition, a statement said.
NorthEdge director Rob Freer will sit on the board in a non executive capacity, along with former Quorn Foods chairman Clive Sharpe as non executive chairman.
Ball said: “We are delighted to have concluded the MBO with funding from NorthEdge, who have been very supportive throughout the process.
“NorthEdge and management have a shared vision for the business over the coming years and with this renewed focus we will work tirelessly to ensure that Bridge Farm achieves its full potential.”
Freer added: “We are delighted that Bridge Farm is the first investment for our Midlands office. The company is recognised by its customers as a best-in-class provider of ornamental plants, flowers and herbs.
“NorthEdge’s investment will support an extensive capex programme over the next two years to allow the team to capitalise further on the market opportunities, securing additional customer relationships and delivering strong shareholder value. We look forward to working with David and his team to realise their ambitions.”
